Here’s what could move the markets on Thursday

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) at the opening bell on August 15, 2019 in New York City.

Drew Angerer | Getty Images

Consumer inflation and the outcome of the European Central Bank’s rates meeting could both be market movers Thursday, ahead of the Fed’s meeting next week.

The consumer price index is released at 8:30 a.m. Thursday and is expected to show a subdued rise in inflation in August, with CPI up 0.1%, or 1.8% year-over-year, according to Refinitiv. Core CPI inflation is expected to rise by 0.2%, or 2.3% year over year.

The Fed is expected to cut its fed funds rate by a quarter point next Wednesday. If CPI is much weaker or…